# Placebo: Non-Union Peggers vs Union Members vs Floaters

| Variable | Non-union peggers | Non-union floaters | All union members |
|:---|---:|---:|---:|
| Z_1 | -6.9839 | 54.2000** | 15.0393 |
| | (21.8767) | (21.4615) | (23.7368) |
| Z_2 | 2.0826 | -6.5395** | -1.9838 |
| | (3.4901) | (3.2643) | (3.6315) |
| Z_3 | -0.1143 | 0.2219* | 0.0813 |
| | (0.1480) | (0.1338) | (0.1494) |
| fiscal_bal_gdp | 0.3596*** | 0.6061*** | 0.4180*** |
| | (0.0618) | (0.0557) | (0.0547) |
| nfa_gdp_lag | -0.3487 | -1.0563*** | 2.1220** |
| | (0.3768) | (0.3214) | (0.8896) |
| rgdp_growth | 0.3306*** | -0.1026*** | 0.2100*** |
| | (0.0400) | (0.0325) | (0.0275) |
|:---|---:|---:|---:|
| N | 1801 | 909 | 1230 |
| R² | 0.0976 | 0.2547 | 0.0992 |
| Countries | 89 | 74 | 43 |

*Panel GLS with country and year fixed effects. Non-union peggers share exchange rate fixity but NOT monetary union constraints. If amplification is about removing the exchange rate absorber within a union (not just pegging), union members should show larger demographic effects than non-union peggers.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*